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CU Business Group touts record year

PORTLAND, Ore. (2/18/09)--CU Business Group LLC (CUBG) experienced a record year in 2008. The business services credit union service organization (CUSO) surpassed all performance goals for the year, and experienced record volumes, reviewing more than $500 million in business loans for credit unions. The record is more than twice what it was in 2007 and brings the total value of loans the organization has reviewed to nearly $1.5 billion.

CEO Larry Middleman points out on the CU Business Group LLC (CUBG) headquarters map where the 296 credit unions the CUSO works with are located. (Photo provided by CU Business Group)

CUBG also signed on 35 new credit unions last year, for a total of 286 credit unions in 35 states. The company doubled the number of loan participations it offered members of its participation network and saw a 46% increase in the number of participating credit unions. The number of credit unions using its risk monitoring and documentation services also increased. “2008 was really a break-out year for CU Business Group,” explained Larry Middleman, president/CEO. “Volumes skyrocketed in every aspect of our operations. Credit unions are getting tremendous opportunities in business services these days and it’s very rewarding that CUBG can help them capitalize on these opportunities.” To manage growing volumes, the CUSO added seven new positions last year, bringing its total staff to 24 employees. Partnering with 11 corporate credit unions, CUBG provides business lending, deposit and consulting services to credit unions nationwide.